Related’s IconBay sells out five months after opening

The IconBay condo project in Edgewater
The IconBay condo project in Edgewater

The Related Group announced Wednesday that its IconBay project in Edgewater has officially sold out.

The 43-story tower, located in the 400 block of Northeast 28th Street, has 299 units that range in size from 973 square feet to 1,530 square feet, according to floor plans on the project’s website. Its penthouses range from 2,346 square feet to 2,714 square feet.

Construction of IconBay began in January 2014 and wrapped up roughly five months ago. In July, when units at the building first began closing, early reports showed Icon was fetching prices of roughly $550 per square foot.

Related also announced that its nearby Gran Paraiso project has converted more than 100 of its reservations into contracts.

Carlos Rosso of the Related Group

Carlos Rosso of the Related Group

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“We have a solid understanding of what the market demands and what it can support, and we’ve paced ourselves accordingly,” Carlos Rosso, Related’s condo division president, said in a statement. “On top of a more measured and calculated strategy in terms of volume, we continue to raise the bar in terms of the quality and options we offer to buyer.”

Related recently reduced the minimum deposit for two of its projects to 30 percent — a significant cut from the 50 percent deposit structure that was standardized at the beginning of this real estate cycle.

Rosso told The Real Deal at the time that the move to chop deposits at both Brickell Heights 02 and SLS Lux in Brickell were meant to spur sales as they neared sell-out.

Recent reports have shown that condo sales in Miami-Dade County have started to slow down, largely thanks to reduced activity from South American buyers affected by a strengthening U.S. dollar.

Related isn’t alone: Swire Properties and Property Markets Group have also altered deposit structures for their South Florida projects. — Sean Stewart-Muniz